BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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In January, 1998, the Reserve Bank of India introduced new regulatory framework for safeguarding the interest of depositors. The guidelines comprises
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NBFCs falling short of the stipulated minimum Net Owned Funds (NOF) were precluded from accepting public deposits
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An NBFC not having minimum credit rating as prescribed by RBI is not eligible to accept fresh deposits
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Ceiling on the quantum public deposits was related to the level of credit rating given by the approved credit rating agencies
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All of the above
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Explanation:
Detailed explanation-1: -The RBI (Amendment) Act, 1997 conferred powers on the RBI to issue directions to companies and its auditors, prohibit deposit acceptance and alienation of assets by companies and initiate action for winding up of companies.
Detailed explanation-2: -In 2006, considering the increasing significance of the sector, the Reserve Bank introduced differential regulation and classified NBFCs with asset size of ₹ 100 crore and above as ‘Systematically Important NBFC-ND (NBFC-ND-SI)’.
Detailed explanation-3: -Financial Inclusion by RBI No frills account. BSBDA – Basic savings bank deposit account. LBS – Lead banking scheme. PMJDY – Pradhan Mantri Jan Dhan Yojana.
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